Consultants in Regina are relied on for their expertise and guidance to help their client’s businesses succeed. Unfortunately, things don’t always go as planned, and your advice or service could result in a loss for your client—and they may take legal action against you.
Other kinds of insurance may not cover claims for financial consequences from negligent professional advice. That’s why consultants in Regina should have professional liability insurance. This form of coverage can help you cover legal defence costs should a client sue you for negligence causing financial damages.
Lawsuits are expensive and can financially ruin your business, even if the claims made against you are not warranted. Make sure to protect yourself with professional liability insurance for consultants in Regina.
What is professional liability insurance for consultants in Regina?
Professional liability insurance (also known as errors and omissions) is a unique form of protection that can help contractors in Regina cover legal defence costs if a client claims your professional advice or service caused them financial damages.
Reasons a client might sue a consultant in Regina include, but are not limited to:
- professional mistakes that interrupt their operations or are expensive to correct;
- delays that cause a project to go over budget; or,
- negligent acts or advice that ultimately result in a financial loss.
Should all consultants in Regina have professional liability insurance?
Yes—it is advantageous for any consultant in Regina to have professional liability insurance. Without it, you’re gambling on never making a professional error or never working for a litigious client.
That’s why EasyCover offers professional liability insurance to consultants in Regina who work in the following fields:
- Health and safety
- Human relations
- Information technology (IT)
- Oil and gas
- Mergers and acquisitions
- Public relations
Don’t see your profession listed here? Contact EasyCover us to discuss your situation. We’re happy to refer you to a great partner if we can’t insure you.
4 reasons consultants in Regina should have professional liability insurance
- Your client may require it.
An increasing number of clients expect consultants in Regina to carry their own professional liability insurance. Having this coverage shows clients you’re financially prepared should your professional advice or service result in unexpected expenses.
2. Your contract might not cut it.
As a consultant in Regina, you might have a standard business contract that specifies you cannot be held liable for any financial damages. But a client can still take you to court, where your contract may or may not hold up. Furthermore, your contract won’t help cover your legal defence costs—but professional liability insurance will.
3. Other insurances don’t cover it
Professional liability insurance provides consultants in Regina with legal defence coverage should a client claim your work caused them financial damages. Comparatively, other liability insurances provide coverage should your business cause third-party bodily injury or property damage; suffer a cyber attack; make slanderous statements and more.
4. It’s affordable peace of mind.
EasyCover’s professional liability insurance for consultants in Regina starts at $330 a year for $1 million in coverage. It’s a small expense that provides a significant amount of protection for your business.
What does professional liability insurance cover for consultants in Regina?
Professional liability insurance can help consultants in Regina cover legal defence costs should a client sue for financial damages resulting from your professional advice or service. No matter if the claim is warranted or not, defending against allegations can quickly add up and, without professional liability insurance, you will have to foot the bill.
Professional liability insurance can help consultants in Regina cover:
- Defence costs, such as hiring a lawyer.
- Settlements if you and your client come to a financial agreement out of court (as agreed beforehand by the insurer).
- Judgement awards should a judge rule in favour of your client.
What optional coverages are available for consultants in Regina?
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for consultants in Regina.
Commercial General Liability Insurance (CGL)
Commercial general liability insurance (CGL) is the most basic form of liability insurance. It offers protection in the event that you or any of your employees accidentally injure a third party or cause damage to their property while carrying out business operations. This includes any injuries or damages that occur on your premises or on a client’s property.
CGL insurance is considered a critical coverage option and if you have professional liability insurance but leave CGL out, you may leave your business vulnerable. We start CGL coverage at $1 million but you can choose higher limits if desired or required.
Directors and Officers Liability Insurance
Directors and officers can be held personally responsible for their actions while serving on a board of directors if they have acted outside the law or failed to perform their duties properly. Directors and officers liability insurance (D&O) is designed to offer protection for directors and officers, covering legal expenses from claims brought by regulatory bodies, suppliers and vendors, employees, creditors, and customers.
Criminal penalties or offences will not be covered as this type of loss is not insurable by law
Cyber Liability Insurance
Cyber liability insurance is designed to help cover certain costs following an alleged or actual hacking event or privacy breach. EasyCover’s cyber liability coverage includes network security liability and privacy liability. It may help cover the cost of network security and privacy breach costs, business income interruption losses, defence costs, extortion fees, digital asset losses, and regulatory fines.
Every policy has a specified limit, so be sure to familiarize yourself with yours and note any exclusions or separate deductibles.
What affects professional liability rates for consultants in Regina?
There are a couple of key factors that will determine your professional liability insurance annual premium:
- Your field of work
EasyCover provides professional liability insurance to consultants in Regina who specialize in a wide range of industries, including environment, health and safety, transportation, public relations and more.
- Your company revenue
EasyCover offers professional liability insurance to consultants in Regina who have annual revenue between $50,000 and $2 million.
- The size of your business
EasyCover provides professional liability insurance to independent consultants as well as owners of small consulting firms in Regina.
- Your level of coverage
EasyCover offers consultants in Regina three options for professional liability insurance coverage: $1 million, $2 million and $5 million.
There are many types of liability insurance and each will cover a different risk. Professional liability insurance specifically protects consultants if they’re sued for causing financial loss due to negligence.
These are two different types of insurance that cover two different types of liability risk. Professional liability insurance covers consultants if they are sued for causing financial loss to a third party in the course of providing their service or professional advice. General liability wouldn’t cover you in this situation, as it covers injuries and property damage caused by negligent acts.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Consultants in Regina from EasyCover.Start Quote